In integrated circuit (IC) devices, magneto-resistive random access memory (MRAM) is an emerging technology for next generation non-volatile memory devices. A MRAM device is formed from two ferromagnetic plates, each of which can hold a magnetic field, separated by a thin insulating layer. One of the two plates is a permanent magnet set to a particular polarity, and the other's field can be changed to match that of an external field to store memory. This configuration is the simplest structure for a MRAM bit. A memory device is built from a grid of such cells. Reading data is accomplished by measuring the electrical resistance of the cell. Due to the magnetic tunnel effect, the electrical resistance of the cell changes due to the orientation of the fields in the two plates. The MRAM cells are integrated with other IC devices, such as capacitors. However, a capacitor is almost non-shrinkable and cannot be scaled down to small dimensions due to capacitor characteristics. A capacitor takes a significant circuit area penalty. Accordingly, it would be desirable to provide a structure with MRAM cells and capacitors integrated together and a method of manufacturing thereof absent the disadvantages discussed above.